NEM (XEM) Official Thread - 100% New Code - Easy To Use APIs

[bbc.reporter]

ok so if a foundation is formed, could there be some kind of mechanism implemented where the community would have to vote. Members who have a certain amount of NEM vested would vote, or like delegated harvesting: members with smaller amounts could let other members (who are voted by them) to represent their NEM as a collection (maybe a token representing that certain delegate) and vote on their behalf (but before the vote is casted, making sure the majority agree on the vote of the delegate). This mechanism would be the ultimate vote of whether to let the foundation go on with whatever plan they want to implement and have presented to the community.

Ultimately you have a main foundation formed and community still has a part of the decision, it would be decentralized and centralized at the same time with checks.

It is like a democracy. In a democratic country the ordinary people vote for a representative to represent them in congress. In congress they make laws that should be beneficial to the people. But this is dangerous because some representatives do not perform as promised. So it might be better to have some represent the small holders for a limited time only and elect new representatives again.

[nzminer]

Is there any connection between DistributedLab and NEM developers? DL seems to claim so: http://distributedlab.com/ournem/

Interesting claim they make, perhaps they were involved early on in the peace?

[hardshot]

voted "yes" - IMO this is a good move

[NorrisK]

I guess it is a smart move to move the funds to such a legal entity.

It is not smart to hold significant funds without any legal guidelines in the future as it will only be a reason for fud, even when nothing happened at the 100 mil market cap levels.

Personally I hope the vote will end in a yes and that the funds will be well spend the future.

[BloodyRookie]

ok so if a foundation is formed, could there be some kind of mechanism implemented where the community would have to vote. Members who have a certain amount of NEM vested would vote, or like delegated harvesting: members with smaller amounts could let other members (who are voted by them) to represent their NEM as a collection (maybe a token representing that certain delegate) and vote on their behalf (but before the vote is casted, making sure the majority agree on the vote of the delegate). This mechanism would be the ultimate vote of whether to let the foundation go on with whatever plan they want to implement and have presented to the community.

Ultimately you have a main foundation formed and community still has a part of the decision, it would be decentralized and centralized at the same time with checks.

Such a voting system is not planned. The legal entity will be acting on its own.

[BloodyRookie]

I am in favor of the proposal however I'd rather see a win-win situation for both the community and the NEM devs by pegging and thereby limiting the amount that devs can arbitrarily reward themselves each year to the rise in market cap. Let's say a year runs from January 1 2015 to January 2016, compare the market cap on both data, say it has risen 40m, let's peg it to 0.5 percent, which means devs can reward themselves 200k all throughout 2016. This way we won't risk moral hazard situations and suspicion from the community. Let's peg it to the amount of the rise of market cap at say 0.5 percent maximum. That way we all win and devs have a little extra incentive to perform well. 

Just as a side note: the devs (i mean the coders) will not get payed from the legal entity for coding.
NEM software developement and the legal entity are different things.

[fragout]

Once again , who are the people that will make up this legal entity? I presume they cannot remain anonymous anymore as their names will be on a legal document

[gimre]

Is there any connection between DistributedLab and NEM developers? DL seems to claim so: http://distributedlab.com/ournem/

Interesting claim they make, perhaps they were involved early on in the peace?

seems like a modded ncc, first time I'm seeing this, but it's open source, so they are free to do so.

[gimre]

Once again , who are the people that will make up this legal entity? I presume they cannot remain anonymous anymore as their names will be on a legal document

I don't think that can be answered now, as it's not finalized/ready yet.

[DIMKAZDS]

next pump wave?

[LemonAndFriesOne]

I am in favor of the proposal however I'd rather see a win-win situation for both the community and the NEM devs by pegging and thereby limiting the amount that devs can arbitrarily reward themselves each year to the rise in market cap. Let's say a year runs from January 1 2015 to January 2016, compare the market cap on both data, say it has risen 40m, let's peg it to 0.5 percent, which means devs can reward themselves 200k all throughout 2016. This way we won't risk moral hazard situations and suspicion from the community. Let's peg it to the amount of the rise of market cap at say 0.5 percent maximum. That way we all win and devs have a little extra incentive to perform well.  

Just as a side note: the devs (i mean the coders) will not get payed from the legal entity for coding.
NEM software developement and the legal entity are different things.

ok so basically NEM is a getting a board of directors like many companies out there, or am I missing something.

"A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization, which can include a non-profit organization or a government agency or corporation."

Board of directors - Wikipedia, the free encyclopedia

https://en.wikipedia.org/wiki/Board_of_directors

[BloodyRookie]

I am in favor of the proposal however I'd rather see a win-win situation for both the community and the NEM devs by pegging and thereby limiting the amount that devs can arbitrarily reward themselves each year to the rise in market cap. Let's say a year runs from January 1 2015 to January 2016, compare the market cap on both data, say it has risen 40m, let's peg it to 0.5 percent, which means devs can reward themselves 200k all throughout 2016. This way we won't risk moral hazard situations and suspicion from the community. Let's peg it to the amount of the rise of market cap at say 0.5 percent maximum. That way we all win and devs have a little extra incentive to perform well. 

Just as a side note: the devs (i mean the coders) will not get payed from the legal entity for coding.
NEM software developement and the legal entity are different things.

I was noticed that there might be a misunderstanding of my statement.
First of all i can of course only speak for myself and not the other core devs.
Right now i am occupied developing catapult and have no time for doing additional things for the CLG like train people, marketing or other stuff. So i expect no payment for anything like that.
Of course we have people developing the smartphone apps and new wallets and they need to get paid just as they get paid now.

[rockethead]

Is there any connection between DistributedLab and NEM developers? DL seems to claim so: http://distributedlab.com/ournem/

Be careful of these guys. They were doing something for Crypto Apex and they never delivered. The screenshot is a Crypto Apex solution screenshot and was full of bugs. The situation now is that Crypto Apex had to complete it somewhere else with a set of broken code.

[vinci]

wow a lot of buy support in polo today. any good news lately?

[marcus_v]

would be nice if it stayed at the 1000k mark. has dropped over 100 points. wonder if it will go back to 800 or more

[PS1987]

It will go back to 500 sats. Still much more expensive than ico price, I think then it is a good time to buy

[marcus_v]

I think so too more people are buying than selling it.

just sold the coin I bought today wish everyday was like this

[yshin365new]

It will go back to 500 sats. Still much more expensive than ico price, I think then it is a good time to buy

ICO price has nothing to do with the quality of coin/blockchain.
NEM's growth is based on its advanced quality by excellent dev team.
NEM is still very very cheap for its quality.

[marcus_v]

agree. though with the price dropping all the time does not make me feel secure about trading this coin. I am just trading it because I already bought in before it dropped. I am moving it little by little till it is gone then I might buy in again when it stops dropping.

[nzminer]

agree. though with the price dropping all the time does not make me feel secure about trading this coin. I am just trading it because I already bought in before it dropped. I am moving it little by little till it is gone then I might buy in again when it stops dropping.

Just buy bits at a time and hold and forget about the short term cost, I tend to stay away from day trading anything as thats when i have always lost.